- Saudi Arabia-based VC fund STV has announced a new partnership with Meta (formerly Facebook) that aims to support tech startups in the country and the wider Mena region.
- The new partnership is designed to build the technical capabilities of the entrepreneurs, marketers and developers, as well as provide STV portfolio companies with strategic and financial incentives provided by Meta.
- Founded in 2018 by Abdulrahman Tarabzouni, STV is the region’s largest VC fund with over $500 million in capital.
STV and Meta announce a new partnership today that aims to support tech startups in the Kingdom of Saudi Arabia and the Mena region. This partnership is built on building the community's capabilities and enabling STV portfolio growth through Meta marketing and platform solutions.
In the digital age, social platforms play a critical role in acquiring and engaging customers and the wider community, leading organisations to invest significant resources in their online presence. Looking at technology players in the region, the reliance is even higher, driven by social media local consumption compared to global benchmarks.
Seeing this opportunity، STV and Meta entered into this partnership which is designed to build technical capabilities in Saudi Arabia and the region, through education and awareness for the entrepreneurs, marketers and developers. The other pillar of the partnership is enabling STV portfolio companies from strategic and financial incentives provided by Meta.
In a statement announcing the partnership, STV commented, “As active technology investors in Saudi Arabia and the region, we’ve seen how crucial online marketing is for scaling the new wave of business and digital champions. The Middle East has one of the highest consumption rates globally, which is reflected in the substantial allocation of venture capital raised towards these channels. The importance of social platforms like Meta’s for customer engagement and brand management led us to explore partnerships where we can support our portfolio in this area”
Commenting on the partnership, Fares Akkad, Regional Director for the Middle East and North Africa at Meta, said: “We are excited to be partnering with STV to support tech startups across the Mena region and in the Kingdom of Saudi Arabia in particular. As a priority market for Meta, we’re keen on growing the wider tech ecosystem in the country by building important capabilities and skills for business communities through our marketing and platform solutions. Now, more than ever, businesses and communities in our region rely on our platforms, products and tools to engage with customers and expand their reach and their online presence. Through this new partnership with STV, we are fully committed to furthering our investment in Saudi Arabia and the MENA tech ecosystem by building technical capabilities for SMB owners, upskilling entrepreneurs, and supporting marketers and developers.”
STV further concluded, “We believe at STV that our most valuable assets are the deep partnerships we build to transform the region’s tech sector. This partnership also is a further commitment to our founders in supporting them beyond capital in their journey to champion the region and beyond.